HVCC or Home Valuation Code of Conduct Question?

Real Estate Agent with Your Castle Real Estate

Help Mr. Wizard.....so what does everyone think of this new program so far? It looks like the pendulum has swung too far in the other direction. First the rules were too lax and now they are too strict.

So, who knows what you do when an appraisal comes in way under the agreed upon contract value on a Conventional loan? Now that the lender cannot talk to the appraiser to let him know he missed some things and he is using a 9 month old comp? what do you do next?

We represent the buyers, who are not able to bring more $$$ to the deal and the seller says this isn't her problem, let the Realtors pay for it, are able to get a second opinion of value or not?

If anyone knows the answer to this, please let us know your thoughts..We greatly appreciate your help on this. This transaction is in Colorado..


Steve & Lorri Hose




Posted by


Steve & Lorri Hose

Your Castle Real Estate

Comments (1)

Darin Osenberg
Funky Quail Vintage - Nashville, TN

I am going to recommend something to you, but you didnt hear it from me...??  LOL

Who met the appraiser at the home??  Didnt they get their card??  Call them and offer them additional information like...help with the MLS, or additional comparables..to make it EASIER for them...

Basically, if the appraisal has already been SENT to the Underwriter...put a fork in ya, you are done!  THE LENDER however, DOES HAVE an appeal process they can follow, but that process ( if any), is very lender specific!

steve, Nice picture of you...are those your daughters with ya??

ANyway, ....This truly IS the sellers problem...because if they had this problem with YOUR buyer, they will have more with others as well...If your buyers lender has a copy of the appraisal, and they will HVCC or no...then have them email you a copy to review! 

Again, the FUNDER that your buyer chose is fairly important in determining the next course of action!

Curious, what the actual problem with the value was...ONLY can find out if you get a copy!!

Thanks!  Btw-  Alot of my family lives in Colorado, and our direct family lived in Ouray Colorado for a long time..>my dad, guesss what...was a Realtor!  :)



May 29, 2009 09:35 AM